Maintaining High Growth

World Bank Group

Maintaining High Growth

Autores

World Bank Group

Editor

World Bank, Phnom Penh

Descripción

Cambodia continues to enjoy robust growth, albeit at a slightly slower pace. Real growth in 2014 is estimated to have reached 7.0 percent. The garment sector, together with construction and services, in particular finance and real estate, continues to propel growth. However, there are signs of weaknesses in garment and agricultural production that are slightly slowing growth. Overall macroeconomic management remains appropriate. Fiscal consolidation continues with further improvements in revenue collection resulting from enhanced administration. Poverty continues to fall in Cambodia (poverty headcount rate in 2012 was 17.7 percent) although the pace of poverty reduction has declined significantly. Cambodia’s real growth rate is expected to moderate to 6.9 percent in 2015 and 2016, as it confronts stronger competition in garment exports, continued weak agriculture sector growth, and softer growth in the tourism sector. Recent developments include: the garment sector continues to be one of Cambodia’s main engines of growth, the external position remains stable, supported by healthy foreign direct investment inflows, underpinning the overall macroeconomic stability, Exchange rate targeting continues to support price stability, inflation has eased significantly with continuing depressed food prices and the recent decline in oil prices, and financial deepening continues, supporting economic expansion as deposit and credit growth accelerated quickly in 2014.

Palabras clave

MONETARY POLICY, DEFICIT, DEPOSIT, CAPITAL MARKETS, HOLDING, REGULATORY FRAMEWORK, FOREIGN CURRENCY LOANS, INTEREST INCOME, GOVERNMENT EXPENDITURES, OIL PRICE, ACCOUNTING, DEPOSITS, BROAD MONEY, FINANCIAL MANAGEMENT, FISCAL DEFICITS, INFORMATION SYSTEM, MACROECONOMIC MANAGEMENT, FOREIGN EXCHANGE MARKET, INTEREST, PUBLIC INVESTMENTS, JUDICIAL REFORMS, GOVERNMENT SPENDING, INTEREST RATE, EXCHANGE, GOVERNMENT REVENUES, LOCAL GOVERNMENTS, ECONOMIC DEVELOPMENTS, BANKING SYSTEM, MACROECONOMIC POLICY, RESERVE REQUIREMENTS, INTERNATIONAL FINANCIAL MARKETS, DEPOSIT INTEREST, REVENUES, OUTSTANDING CREDIT, BONDS, DEVALUATION, LOAN, TRADE SECTOR, TAX, INCOME TAX, BUDGETING, FOREIGN EXCHANGE MARKETS, RESERVE, INVESTMENT REGIME, MARKET INFORMATION, INFLATION, PENSION, DEBT BURDEN, LENDER, SAFETY NETS, BUDGET, MARKET PARTICIPANTS, CENTRAL BANK, MACROECONOMIC STABILITY, LABOR MARKET, HUMAN RESOURCE, TRADE BALANCE, OIL PRICES, EXCHANGE COMMISSION, CURRENCY, DOMESTIC CURRENCY, EXPORT GROWTH, RESERVE BANK, INCOME GROWTH, FINANCES, FOREIGN CURRENCIES, EXCHANGE RATES, TRADING, INTEREST RATES, DOMESTIC CURRENCIES, MARKETS, DEBT, CAPITAL MARKET, RETURN, DEFICITS, OPEN ECONOMY, BUSINESS CYCLE, AGRICULTURAL COMMODITY, LOANS, DIRECT INVESTMENT, RESERVES, DEBT SERVICE, CAPITAL INVESTMENTS, PENSION FUNDS, MONETARY AUTHORITIES, BANK FINANCING, FINANCE, FOREIGN CURRENCY, DOMESTIC BANK, PUBLIC INVESTMENT, CURRENT ACCOUNT DEFICITS, TAXES, BANKING SECTOR, FISCAL DEFICIT, EXPENDITURE, TRANSACTIONS, INVESTMENT REGIMES, EQUITY, CREDIT EXPANSION, INVESTORS, FEDERAL RESERVE, FOREIGN EXCHANGE RESERVES, GOOD, TAX INCENTIVE, TAX RATE, DEBT REDUCTION, FEDERAL RESERVE BANK, INTERNATIONAL TRADE, TRANSPARENCY, FINANCIAL STABILITY, EXPORT COMPETITIVENESS, FINANCIAL CRISIS, FUTURE, FOREIGN DIRECT INVESTMENT, RETURNS, LENDER OF LAST RESORT, TREASURY BILLS, BUDGETS, PURCHASING POWER, PRUDENTIAL REGULATIONS, INVESTOR CONFIDENCE, EQUITY FUNDS, PRICE STABILITY, EXPENDITURES, PROPERTY, CURRENT ACCOUNT DEFICIT, TAX RATES, SHARES, FACE VALUE, MARKET, POLITICAL UNCERTAINTY, LOCAL CURRENCY, FOREIGN EXCHANGE, IMPLICIT GUARANTEE, SECURITIES, PUBLIC DEBT, TREASURY, PRODUCTIVE INVESTMENTS, HOLDINGS, CURRENCIES, GOVERNMENT BONDS, INVESTOR, GOODS, FIXED ASSETS, SECURITY, INTERNATIONAL MARKET, PRICE RISKS, NATIONAL BANK, INVESTMENT, DOMESTIC CREDIT, HUMAN RESOURCES, SHARE, INVESTMENT CLIMATE, SHORT-TERM INTEREST RATE, POVERTY, FINANCIAL MARKETS, POLITICAL STABILITY, BID, CAPITAL INFLOWS, REVENUE, EXTERNAL DEBT, PROFIT, INVESTMENTS, RISK MANAGEMENT, LENDING, CONSUMER PRICE INDEX, CREDIT GROWTH, EXCHANGE RATE, PUBLIC SPENDING, PROFITS, LOCAL CURRENCIES, CAPITAL INVESTMENT, COMMODITY PRICES, ARREARS, LIQUID ASSETS, FOREIGN HOLDINGS, GUARANTEE, CONSUMER PROTECTION, LAND POLICY